James “Jimmy” Cayne, senior manager of a well-known New York bank Bear Stearns near the collapse of the 2008 financial crisis, he died at the age of 87.
His daughter Alison Cayne confirmed his death Tuesday.
Cayne, who served as a senior at Bear’s most successful years, completed his career as a cherry about banking mismanagement, where investors and media reports criticized him for leaving the office to play golf and a bridge even though his company was forced.
Bear Stearns, one of the smallest and most advanced banks on the verge of collapse, became known as Wall Street’s scrappy underdog.
However, large-scale betting on mortgage-related items led to the bank collapse in 2008, when house prices began to fall and creditors who were scared demanded repayment. The company became the first to be hit by a financial crisis when purchased by JPMorgan Chase for a $ 10 stake in a government-sponsored contract. Sales went up about $ 170 a share less than two years earlier.
When Cayne then he agreed that the Bear took on a lot of debt, he criticized the collapse of the money bank mainly due to market rumors and short sellers, saying his company was like a “big fat goose” waiting to be eaten by its enemies.
But that protection has been widely denied by critics, including some bank employees and shareholders, who said the executives could have acted quickly to raise money and place more serious charges against Cayne.
Formerly a scrap metal retailer from Illinois, Cayne raised his mask on Wall Street, sometimes through connections he made on the bridge deck. He teamed up with Bear in 1969 after an interview with Alan “Ace” Greenberg, his future chairman, revealed his love of sharing card games.
His banking reputation strengthened when he persuaded officials to set up a New York City bond market, which benefited when the Big Apple recovered in the late bankruptcy in the 1970s.
During her 14 years leading the company, Cayne helped make Bear a dangerous place on Wall Street even though she was a minority. It was popular about energy trade, high-end businesses and commercial research in its last days.
Cayne resigned a few months before the sale of Bear, after it was revealed that he often entered the office for a few days to play golf and a bridge that exacerbates the company’s difficulties.
At his last public appearance with the Wall Street team, Cayne apologized to investors for a 10-minute meeting to agree to sell his company.
“I just want to apologize for what happened,” he said in a crowded hall at the bank’s headquarters in Midtown. “We just ran into the storm.”
Cayne is survived by his wife, two daughters and seven grandchildren.
After retiring, Cayne rekindled her passion for card games which gave her more than a dozen North American titles, according to her family.